Rig contractor Scorpion Offshore has reported surging revenues and income from its rigs higher day rates in the first three months of 2009, as the company moves on from having to write-down a semisubmersible when lenders withdrew.

Fresh from fundraising success, Scorpion — much of it owned by rig giant Seadrill — reported revenues were up year-on-year by 186 percent in its last reporting period (third quarter) to $167.7 million.

An average of earnings and time off showed rig rates had reached $182,000 a day, up $6,500 per day in a year, and management said operating income might have been up 250 percent had it not been for the big minus incurred on the deepwater project abandoned by banks.

Scorpion has two jack-ups due for delivery from Middle East yard Lamprell this year. Helping make final payments on the rigs’ construction are $169 million from German bank Bayererische Hypo-und Vereinsbank AG intended for the semi-submersible but now refinanced. Another $10 million secured in credit safeguards the jack-up Scorpion Intrepid.

In March 2009, Scorpion quietly raised $60 million in a private placement to pay for the Offshore Mischief's next construction payment. While in May, a “Middle Eastern private equity investor” backed Scorpion up with a $40 million in convertible lending to help pay for Mischief, a rig now valued at $190 million.

Tags: Scorpion Offshore